and whe concepts 1. Scarcity and why it exists 2. Resources. List and define them 3. Selfinterest 4. How are choice and trade offs related? 5. What is the Opportunity Cost of you coming to college? 5. The minimum wage in the USA should be increased to $15 per hour. State clearly why this is or is not a Positive or Normative Statements/Analysis. possible use examples:

Q: what accounts for the shape of the PPC? In other words, what is it about the relationship between…

A: The production possibility frontier (PPF) is a curve on a graph that delineates the potential…

Q: For each of the following scenarios, determine if there is an increase or a demand for the good in…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: An increase in demand will lead to an increase in “supply” and an increase in “quantity supplied.”…

A: We know that demand and supply are the two forces of market which determines the price in the…

Q: 1. Integrate the following: 7x2 (10x3 + 79 )0.5 within the range 5 and 9. (Please give your answer…

A: Let U = 7x2(10x3 +79)0.5 Range 5 to 9

Q: 3.A certain good has its average revunue curve as, AR = 42 - 11Q and supply curve as, P= 7+ 12Q.…

A:

Q: ogo has a utility function: e price of X is px = $12, the price of Z is p₂ = $14, and his income is…

A: Cobb-Douglas utility function is written as  U =AXaY1−a If a is more than (1-a), then X is preferred…

Q: A firm uses L and K to produce Q, and the firm's production function is Q=0.2L + 0.2K. The wage per…

A: Production function shows the functional relationship between the output and input. The production…

Q: 3. What causes the long run costs to be U shaped a. Economies and Diseconomies of Scope b.…

A: In a market, when a firm faces U-shaped average cost curve in the long-run, it implies that the…

Q: 7. A honey farm is located next to an apple orchard and each acts as a competitive firm. Let the…

A: In economic matters, an externality or external expense is a circuitous expense or advantage to a…

Q: Fixed cost=20,000$ Variable cost per unit of production=500$ Number of items sold= 1000 price=800$…

A: Revenue is the total receipts collected from the sale of goods and services in the market. Cost is…

Q: Explain how the concept of Nash Equilibrium can be applied to the tragedy of commons.

A:

Q: A company produces a special new type of TV The company has co able to sell 800 TVs. If the company…

A: Total revenue from the sale of a commodity is price times quantity. TR = P×Q Total cost is the sum…

Q: Suppose that a salesperson earns a basic monthly salary of $800 plus a commission rate is 15% and…

A: Demand basically implies a purchaser's craving to purchase labor and products without a second…

Q: For each of the following scenarios, determine if there is an increase or a decrease in supply for…

A: Since you have asked a multi-part question, and according to the policy, we can only solve the first…

Q: Product X currently sells for $12 per unit. The variable costs is $4 per unit and 10,000 units are…

A: Given that, Profit = $30,000 Total sales = 10,000 Selling Price =$12 Variable Cost = $4 To find:…

Q: Aniva (tariff $1,000) mly (quota 40 million rugs) or False: The increase in demand helps domestic…

A: World price = $3000 In Aviva , tariff =$1000  so price = world price + T = $4000 price = $4000 At P…

Q: QUESTION 7 In the first chapter of The Wealth of Nations, Smith introduces the idea of the which…

A: Adam Smith is one of the principal defenders of Modern financial matters who is otherwise called the…

Q: A jewelry store makes necklaces and bracelets from gold and platinum. The store has developed the…

A: Given, Maximize profit=300x_{1}+400x_{2}300x1​+400x2​   Subject to: 3x_{1}+2x_{2}\leq183x1​+2x2​≤18…

Q: What would happen if suddenly banks stop lending (this has happened in the past)? Can it grow?

A: A commercial bank is a type of financial organisation that takes deposits from the general public…

Q: what selling price do the break even occurs for the new design?

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Q: Which of the following means of battling workers' compensation fraud involves employing operatives…

A: Workers' compensation fraud occurs when someone willfully makes a false statement or conceals…

Q: 2. The following equations refer to the goods market of an economy in billions of euros: Y=1610…

A: Given, C=480+0.5YDI=110T = 70G=250

Q: The price/demand function of a company is p=36-0.001D and the cost function is 20D+1000. Determine…

A: The profit is maximized where the Marginal Revenue (MR) is equal to the Marginal cost (MC).  Firm…

Q: For the following total-revenue and total-cost functions of a firm: TR=22Q - 0.5Q2 TC= (1/3)Q3…

A: The profit is maximized where the marginal revenue (MR) is equal to the marginal cost (MC).

Q: Consider an economy described by the following equations: Y=C + I +G Y=7,000 G=4000 T=2,000…

A: given data Y=7000 G=4000 T=2000 C=150+0.75(Y-T) I=1000-50r now G is rising by 1000.

Q: for a. Write the social marginal benefit equation: MBS = Type integers. b. The socially optimal…

A: Streetlight is public good . Public good means a good which is non excludable and non rivalry in…

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Q: Explain the difference between a Bayesian-Nash Equilibrium and a Nash Equilibrium.

A: Bayesian-Nash equilibrium- A Bayesian Nash equilibrium (BNE) is a technique configuration that…

Q: What is the correct interpretation of elasticty value of 0.5 for Y with respect to X? Select one:…

A: Elasticity measures the responsiveness of a dependent variable with respect to a change in another…

Q: Explain what is Comparative Advantage and an give example? Why is this theory important to consider…

A: Opportunity cost can be defined as the potential benefits that is given up by an individual or a…

Q: Oregon Hikes Cigarette Tax by $2 Last November Oregon voters overwhelmingly approved higher taxes…

A: Tax Rate refers to the rate at which various goods and services are taxed by the government of a…

Q: A start-up company sets aside 1,100,000 now into an exigency fund, how much will have the company…

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Q: Question 7 The table sets out some data for an economy. Item Consumption expenditure Indirect taxes…

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Q: Define purchasing power parity. What is the importance of purchasing power parity when you are…

A: Purchasing Power Parity(PPPs) are the currency conversion rates that try to equalize the purchasing…

Q: Suppose that the price of product A increases from $10 to $19. As a result, quantity demanded for…

A: Complementary goods:  Two goods are complementary when they are used together by consumers to…

Q: What showed Americans that they were dependent on the global price of oil

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Q: Find the future value after 30 years if a one-time investment of $1,000 is made at a 10% yearly…

A: Interest is the sum that the borrower pays the lender over and above the principal amount. Both the…

Q: A small mining group is considering the purchase of a continuous of all expenses expressed in year 0…

A: Given information: Net present value = $8889024 Interest rate = 14%

Q: 3. Consider a firm that produces a single output Q using two inputs, 9₁ and 92. The production…

A: When we have a function like:  f(x,y) = d ; where x and y expresessions are un separable (which…

Q: 1.4. Consider two economies, labelled A person be endowed with 20 units of the consumption when…

A: welfare economics matters are the investigation of what the portion of goods and products means for…

Q: ake two countries of two goods and set up your own numbers such that labor has absolute advantage in…

A: Let a hypothetical example in which India and China are producing wheat and LED bulbs.  Let us…

Q: 23. What are economic benefits of using biodegradable plates? Explain.?

A: We know that Biodegradable plates are substitutes for plastic plates. The reason biodegradable…

Q: 1. The maximum amount of steel or aluminum that Canada and France can produce if they use all the…

A: The production possibilities curve (PPC) is a diagram that shows each of the various mixes of result…

Q: Discuss why in many liability firms, the managers do not receive a fixed payment for their work, but…

A: Payment is the sum of money given in return for the purchase or completion of goods or services.…

Q: c. Explain the concept of production possibility frontier and interpret the slope of the production…

A: The production possibility frontier (PPF) shows the various combination between two goods when the…

Q: 1.4. Consider two economies, labelled A and B. In each one, let every two-period-lived person be…

A: Two economies - A & B The young person's choice maximizes lifetime welfare Every two period…

Q: Real-Time Data Analysis Exercise* The table lists some U.S. macroeconomic data in 2022. Item Wages…

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Q: Company Z has $ 564809 in annual fixed costs. The primary product generates $ 95.13 in revenue per…

A: Here, given information is: Annual fixed cost: $564809 Revenue per unit: $95.13 Variable cost per…

Q: The UK government is considering the introduction of a unit tax on meat to alleviate the impact of…

A: Imposition of taxes on any good leads supply curve to move leftwards as the producer is unable to…

Q: The Consumer Price Index in 1987 was 113.6 (1982 - 84 = 100), compared to 30.2 in 1962. Given that…

A: The impact of inflation and deflation on the economy is measured and reported by the consumer price…